Financial terms and resources for import substitution in the economy of Russia

Abstract

The relevance of import substitution problem has sharply increased due to the imposition of economic sanctions by the Western countries. Import substitution should be considered not only as «crisis response», but also as the major direction for structural and industrial policy, aimed to achieve sustainable and dynamic economic growth. In this aspect, the priorities of structural changes in industry and finding the resources for their realisation gain especial importance. As such structural priority should be considered the recovery of the investment equipment production for the main sectors of the Russian industry. Overcoming financial dependence on external financial markets is expected be realized via the formation a special investment contour, basing on the target credit emission for the financing of investment projects for structural and technological modernization of the Russian industry.